A key initiative was the implementation of a circular mandating three separate bank accounts for each MahaRERA-registered project.
This crucial policy change brought significant financial clarity to transactions between flat buyers, promoters and contractors, effectively eliminating ambiguities.
By establishing dedicated accounts for interest payments, compensation, and penalties, we streamlined the recovery process, ensuring that flat buyers' dues could be settled directly without the lengthy process of auctioning promoter properties.
This measure greatly enhanced financial security and efficiency within MahaRERA projects.
WELCOME...
Driven by a passion to demystify the complexities of the Maharashtra Real Estate Regulatory Authority (MahaRERA) and following a fulfilling career dedicated to public service, I am delighted to launch this website as a comprehensive resource for all things MahaRERA. Having been deeply involved in its establishment and operational evolution since inception, including key roles in policy drafting, implementation and adjudication. I aim to share my extensive knowledge and insights accumulated over the years of dedicated service. This platform is born out of a desire to empower individuals, from homebuyers to developers, with accurate, accessible and actionable information, ensuring a clearer understanding of their rights and responsibilities within the framework of MahaRERA.
// HELLO
DR. VASANT PRABHU
Phd., M.F.M., B.Tech, LLM., LLB.
“RERA Unveiled: Empowerment Through Insight”
I am Dr. Vasant Prabhu, former secretary of MahaRERA. My journey began in March 2017, just before the inception of MahaRERA, under the mentorship of Mr. Gautam Chatterjee, the first chairman. We transformed a small hall in the SRA building into a digital powerhouse, registering nearly 25000 projects in the first few years and earning us a National Digital Governance Award. During the covid-19 crisis, we innovated the “online hearing,” which gives access to justice for the common man even though the world is under lockdown. Under Ajay Mehta’s leadership, we emphasize transparency and consumer empowerment, so MahaRERA became India’s most advanced and consumer-centric real estate regulator with more than 45000 projects registered.
Now, as I conclude my tenure, I launch ‘RERA’s Circle’— a platform to share this rich experience. My aim is simple: to make RERA more accessible and understandable and to empower every buyer with knowledge and clarity.
// HELLO
DR. VASANT PRABHU
Phd., M.F.M., B.Tech, LLM., LLB.
“RERA Unveiled: Empowerment Through Insight”
I am Dr. Vasant Prabhu, former secretary of MahaRERA. My journey began in March 2017, just before the inception of MahaRERA, under the mentorship of Mr. Gautam Chatterjee, the first chairman. We transformed a small hall in the SRA building into a digital powerhouse, registering nearly 25000 projects in the first few years and earning us a National Digital Governance Award. During the covid-19 crisis, we innovated the “online hearing,” which gives access to justice for the common man even though the world is under lockdown. Under Ajay Mehta’s leadership, we emphasize transparency and consumer empowerment, so MahaRERA became India’s most advanced and consumer-centric real estate regulator with more than 45000 projects registered.
Now, as I conclude my tenure, I launch ‘RERA’s Circle’— a platform to share this rich experience. My aim is simple: to make RERA more accessible and understandable and to empower every buyer with knowledge and clarity.
About me
I am Dr. Vasant Prabhu, Former Secretary of MahaRERA, is an expert in municipal finance and real estate regulation in India. With a law degree and extensive governance experience, he has driven key reforms in compliance, digital transformation, and policy-making, establishing himself as a trusted authority in the field. Dr. Vasant Prabhu is a distinguished expert with 30+ years of experience in municipal finance, governance, and real estate regulatory policy, including a leadership role in MahaRERA.
Maharera contributions
Since MahaRERA’s inception in 2017, Dr. Prabhu has been instrumental in building the organization’s framework and operational structure under the leadership of its first Chairman, Mr. Gautam Chatterjee. Later, under the stewardship of Shri Ajoy Mehta, Dr. Prabhu continued to play a pivotal role in advancing MahaRERA’s objectives and ensuring its operational excellence along with his team.
Enhanced Financial Transparency with Three Bank Accounts
Clarity on Amenities
To address misleading advertisements about project amenities, we issued a crucial circular.
This directive required promoters to provide detailed information on amenities, including area and availability dates, and prevented changes without the consent of two-thirds of the flat buyers.
This significantly protected buyer interests and ensured transparency regarding promised amenities.
Enforcement of RERA Number and QR Codes
To combat misleading advertisements, we enforced the mandatory display of MahaRERA registration numbers and QR codes on all property advertisements.
Collaborating with the Advertising Standards Council of India (ASCI), we took strong action against violators, including penalties and hearings, leading to widespread compliance and preventing the misguidance of flat buyers.
Comprehensive Application Scrutiny
We expanded application scrutiny from solely technical reviews to include legal and financial aspects.
This led to the formation of three specialized wings, staffed with qualified professionals, ensuring thorough evaluation of each application and providing accurate information to empower flat buyers’ decisions.
Contribution to Supreme Court Case
We actively contributed to a Supreme Court case concerning the agreement to sell and sale deed drafts.
Our team participated in high-level discussions in Delhi to advocate for MahaRERA’s suggested drafts, which included vital non-negotiable clauses to protect buyer rights.
Standardized Allotment Letter and Cancellation Policy
A standardized proforma for allotment letters was developed, which included all terms and conditions, especially on parking.
This also set a maximum deduction of 2% of the flat's cost for booking cancellations after two months, ensuring fairness and transparency in promoter practices.
Non-Negotiable Clauses in Agreements
To eliminate contradictory clauses in promoter agreements, we championed the inclusion of non-negotiable clauses.
These mandatory clauses, which cannot be altered by promoters, directly addressed conditions conflicting with the RERA Act and Rules, providing fundamental protections for all homebuyers.
Detailed Parking Space Information
To resolve parking-related disputes, we mandated that promoters provide precise details about parking slots in agreements.
This included exact location, size, and dimensions, thus preventing arbitrary allocation and significantly reducing complaints, ensuring clarity for buyers.
education
1985
2007
2016
2019
2024
B.TECH
Electrical Engineering
Year: 1985
Adding a technical perspective to his policy insights, this degree provided a strong foundation in designing and managing energy systems, which plays a crucial role in urban infrastructure and smart city development.
M.F.M.
Finance Management
Year: 2007
Equipping him with advanced financial acumen, this degree enhanced his ability to analyze and manage complex municipal budgets and fiscal policies effectively.
Ph.D.
Municipal Finance
Year: 2016
Focusing on the financial dynamics of urban governance, his doctoral research emphasized how municipal expenditures act as investments, driving revenue growth and fostering sustainable urban development.
Bachelor’s Degree in Law (LL.B.)
Year: 2019
Providing a comprehensive understanding of legal frameworks, this degree enabled him to navigate regulatory environments and ensure compliance in municipal and real estate governance.
Master’s Degree in Law (LL.M.) – Indian Constitution
Year: 2024
Specializing in constitutional law, this degree deepened his expertise in interpreting and applying constitutional principles to urban governance and real estate regulations.
Experience
My journey with MahaRERA began even before its official inception, in March 2017. Joining on deputation from the Mumbai Municipal Corporation, I had the privilege of contributing to the establishment of this crucial regulatory body from its very foundation. For nearly eight years, I dedicated myself to building MahaRERA, a completely new system under a novel law. Working alongside two distinguished chairmen and a dedicated team, we successfully created a fully online platform for project registration, meticulous application scrutiny, certificate issuance, and a comprehensive complaint redressal mechanism, encompassing registration, hearings, and order declarations. It's a matter of pride that 40% of India's real estate projects are registered under this system we painstakingly developed. Through collaborative efforts and numerous awareness initiatives like seminars and meetings, we fostered a customer-centric environment. This website is a continuation of that commitment, aiming to further educate and assist people in understanding the RERA Act.
My professional journey commenced with the Municipal Corporation of Greater Mumbai (MCGM), where I served with distinction for 17 years. I began as Deputy Municipal Commissioner, leading key zones including South Mumbai and Western Mumbai. Later, I retired as Joint Municipal Commissioner. I also spearheaded the digitization of the municipal IT infrastructure as the head of the IT Department. My tenure was marked by significant initiatives in e-governance, including the implementation of SAP ERP, launching E-office and E-quotation systems, and overseeing the scanning of all documents. I also focused on re-engineering business processes to enhance efficiency. In the area of solid waste management, I implemented the Hyderabad pattern for cleaning and introduced automation for monitoring unauthorized construction, thereby improving overall municipal operations. Throughout my service, I maintained a record of zero disciplinary infractions, reflecting my unwavering commitment to transparent governance.
Insights & Interviews
